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CNPR: Pharmaceutical Sales Training Manual - Revised 17th Edition > Chapter 1: So You Want A Career In Pharmaceutical Sales > Flashcards

Chapter 1: So You Want A Career In Pharmaceutical Sales Flashcards

1
Q

Pharmaceuticals are arguably the most socially important health care products. True or false?

A

True

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2
Q

What has become the more prominent goals of patients healthcare providers in the pharmaceutical industry in recent years?

A

Quality of life and lifestyle enhancement.

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3
Q

In the United States, the pharmaceutical industry is dominated by private for-profit companies. True or false?

A

True

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4
Q

Pharmaceutical companies that develop innovative products are in a high stakes business, where the failure rate is high, and the rewards of success are commensurately great. True or false?

A

True

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5
Q

Pharmaceutical development is a high risk undertaking in which many promising leads prove disappointing, sometimes after hundreds of millions of dollars have been invested in them. True or false?

A

True

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6
Q

What are pharmaceuticals?

A

Medicines and vaccines for human and animal use. Products can be brand-name or generic.

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7
Q

What are diagnostics?

A

Equipment and supplies using screening detecting and monitoring disease.

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8
Q

What are medical devices?

A

Advanced instrumentation and appliances used for medical therapy, like pacemakers.

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9
Q

What are medical supplies?

A

Commodity high-volume supplies, such a surgical gowns and gloves.

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10
Q

What is durable medical equipment?

A

Reusable products for health related use in the home such as walkers and hospital beds.

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11
Q

What is home-based care?

A

Home health, aides, and nurses.

Patients/consumers and their families and friends.

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12
Q

What is primary care? (Check ups, and general health issues).

A

OB/GYN, family general practitioners, and internists.

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13
Q

What is secondary care? (Specialized outpatient consults).

A

Specialists.

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14
Q

What is tertiary care? (Inpatient).

A

Community hospitals, academic medical centers, and skilled nursing facilities.

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15
Q

What is end stage care?

A

Skilled nursing facilities, hospitals, hospices.

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16
Q

The global pharmaceutical industry represents the market that generates how much in annual revenue?

A

$950 billion.

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17
Q

The global pharmaceutical industry employees how many people?

A

Over 1.7 million people.

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18
Q

Pharmaceutical sales are highest in what three countries?

A

The US, Western Europe, and Japan.

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19
Q

US accounts for roughly how much of the worlds pharmaceutical revenues?

A

50% of the worlds pharmaceutical revenues is accounted for by the US.

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20
Q

Private insurance, dominates healthcare in the US. True or false?

A

True

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21
Q

Western Europe is the worlds second largest drug market. True or false?

A

True

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22
Q

Japan is the third largest drug market. True or false?

A

True

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23
Q

Drug utilization is largely government controlled in Western Europe. True or false?

A

True

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24
Q

What are the two factors that have significantly contributed to recent growth in the pharmaceutical industry?

A

Population growth and increasing life expectancies.

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25
Q

A person born today can expect to live to what age?

A

Over 80 years of age.

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26
Q

In the US Senior citizens consume over three times as many meds as people under the age of 65. True or false?

A

True

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27
Q

Partnerships between pharmaceutical companies and genomic research companies will not proof profitable in the near term. True or false?

A

True

28
Q

What is considered the newest and most advanced industry that generates new scientific and technological developments throughout the year?

A

The biotechnology industry.

29
Q

What do biotechnology companies specialize in?

A

Gene research, genetically altered, drugs, and molecular biology.

30
Q

Prescription drug therapy is cost-effective for insurance companies and healthcare providers. True or false?

A

True.

31
Q

What are HMOs?

A

Health Maintenance Organizations.

32
Q

What are PBMs?

A

Pharmacy Benefit Managers.

33
Q

The high cost of healthcare is due to the high cost of medicines. True or false?

A

False

34
Q

What is the FDA?

A

The Food and Drug Administration.

35
Q

What are GMP guidelines?

A

Good manufacturing practice guidelines.

36
Q

What is the average review time for a new drug?

A

18 months .

37
Q

What are the two main categories of the marketing of prescription drugs?

A

Professional physician promotions, and direct to consumer advertising.

38
Q

Physician promotions, primarily involves what?

A

Sales reps in physicians offices, advertising in medical journals, conferences, emails, and seminars.

39
Q

What is direct to consumer advertising?

A

This is patient directed messages in television, radio, magazines, and newspapers.

40
Q

What is headquarters?

A

Where high-level pharmaceutical executives work.

41
Q

What are NAMs?

A

National account managers

42
Q

What are MCOs?

A

Managed care organizations. NAMs (national account managers) often sell to these organizations.

43
Q

What are PBMs?

A

Pharmacy benefit management companies. NAMs (national account managers) often sell to these companies.

44
Q

What are regions?

A

How sales organizations divide the country. It is generally divided into 5 to 10 geographic regions. For example, the Northwest and the Midwest.

45
Q

What are districts?

A

How regions are divided. Each region feature several districts. Each district is supervised by district manager (DM).

46
Q

What is a DM?

A

District manager.

47
Q

What is a RM?

A

Regional manager

48
Q

What are territories?

A

How districts are divided. Each district includes 8 to 12 territories. These are staffed by representatives.

49
Q

What are the five roles in a sales team?

A
  • Territory Representatives
  • Specialty, Hospital, and Institutional Representatives
  • District Manager (DM)
  • Regional Manager (RM)
  • National Account Manager (NAM)
50
Q

What are territory representatives? (Professional sales representative).

A

These are the heart of the pharmaceutical sales team it is a group of reps who interact with customers on a daily basis.

51
Q

What are Specialty, Hospital, and Niche Representatives?

A

These representative sell exclusively to niche markets. Such as to cardiologists and oncologists.

52
Q

What is a district manager (DM)?

A

District managers coach and mentor territory representatives. They meet with reps to make sure they are on track to meet their sales goals.

53
Q

What is a regional manager (RM)?

A

Regional manager sets the strategy for a region in monitors sales activity in each district.

54
Q

What is a national account manager (NAM)?

A

National account managers negotiate product purchasing contracts with major MCOs (managed care organizations) and PBMs (pharmacy benefit managers).

55
Q

What are general base salaries for representatives?

A

$45,000-$70,000.

56
Q

What is market share?

A

The most common way to measure bonuses the company determines how much of their product to sell and forecasts a percentage market share.

For example, if if the medication should be prescribed 30% of the time your market share needs to be 30%.

57
Q

What are actual sales in regards to compensation?

A

Reps are paid a bonus based on the total actual sales in their respective territories. This is difficult to calculate.

58
Q

What is actual sales versus forecast sales?

A

Companies will forecast and set goals for the amount of prescriptions to be sold in a specific territory. If the rep exceeds the forecast he or she will receive a bonus.

59
Q

What is a company car?

A

A car provided by the company for representatives to use.

Some companies now give out car allowances instead of a physical car.

60
Q

What are the general benefits of the healthcare industry?

A

Medical life, disability, and other specialized benefits.

Many companies provide these at no cost to their employees.

61
Q

What is autonomy in regards to pharmaceutical sales benefits?

A

This is the ability to work from home and the flexibility of schedules while working full-time.

62
Q

What are expenses?

A

Examples of expenses are ballgames concerts, plays, and other activities where clients are educated about the benefits of the representatives product. Another example are catered lunches at busy physicians offices.

63
Q

Many pharmaceutical companies try to make the base salary, 75% of compensation. True or false?

A

True

64
Q

What is the most effective method for grabbing market share?

A

Comparative selling.

65
Q

Using clinical data to support the marketing message is especially useful in comparative selling. True or false?

A

True

CNPR: Pharmaceutical Sales Training Manual - Revised 17th Edition (11 decks)

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